From our experience at Rosenthal & Goldhaber, we find that potential clients often ask questions similar to the following when they’re thinking about the best possible approach for commercial collections or judgment enforcement.
We hope the answers below are helpful starting points — but to discuss relevant details for your unique circumstances, please contact us and we’ll have a conversation to discuss next steps.
When a client comes to Rosenthal & Goldhaber to obtain money that is owed, the client feels that it has already suffered a loss of assets. Thus, there is little to no desire to throw good money after bad by paying an hourly rate to collect the lost funds.
That is why our services are provided on a contingency basis. Our firm does not collect a fee unless we are able to recover money that is due to the client. However, should litigation, or judgment enforcement, be required, the client would be responsible for the court costs and disbursements expended. These expenses, while usually minimal, are different for each matter, and will be discussed with each client before and during the collections process.
Since 1940, Rosenthal & Goldhaber has been helping clients recover money owed for various reasons. Our firm currently handles the following types of matters:
- Collection of Accounts Receivable for Goods Sold and Delivered
- Collection of Accounts Receivable for Services Rendered by Professionals (Attorneys, Accountants, Architects, Engineers, and others)
- Collection of Unpaid Commercial Loans
- Collection of Unpaid Commercial Negotiable Instruments
- Collection of Unpaid Commercial Rent (after tenancy has been vacated)
- Enforcement of All Money Judgments
Most creditors do not wait very long to attempt to collect the money they are owed. However, if creditors are unable to collect the money themselves, often creditors will simply write it off and forget about it.
Then years later, a creditor decides it wants to sue to collect the money that is owed to it. But did the creditor wait too long?
It depends. For most commercial debts, whether it’s a debt owed for failure to pay for goods or services, failure to pay a loan, or any other type of commercial instrument, a party has six years from the default in payment to start a lawsuit. If suit has not been commenced by that time, the creditor is deemed to have waived its right to commence suit to collect that debt.
However, if a payment has been made at any time, or if the debtor acknowledges the debt in writing, the six-year statute of limitations will commence from the date of the last payment or the written acknowledgment of the debt.